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Unemployment Rate (Australia)

Australia
Event Date: Thursday, January 18, 2024
Event Time: 00:30 CET

Unemployment Rate to Remain Unchanged at 3.9%

Updated Wednesday, January 17, 2024
EVENT ENDED
In February last year, we saw a decline to 4.9% in the Australian unemployment rate which came as a bit of a surprise, but the unemployment rate ticked higher to 5.0% again in March, which was revised higher to 5.1%. In April we saw another increase to 5.2%, so the economic weakness is also being felt in employment. In May, the unemployment rate was expected to decline to 5.1%, but it missed expectations and remained at 5.2%, where it has been since then, but it ticked higher unexpectedly in August. Although, unemployment ticked down to 5.2% again in September, moved to 5.3% again in October, but moved back down to 5.2% in November again and again to 5.1% in December. The unemployment rate stood at that level in February, while in March it ticked higher to 5.2%, but it is expected to jump to 8.3% in April due to coronavirus. Retail sales continued declining to 3.4% but it ticked higher to 3.5% earlier and was expected to move up to 3.6% again in June, but remained unchanged. By November sales moved higher to 3.9% where they are expected to stay in December. Please follow us for live coverage of this event by experienced market analysts.

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About Unemployment Rate (Australia)
Released by the Australian Bureau of Statistics, the Unemployment Rate is the number of unemployed workers represented as a percentage of the aggregate civilian labor force. Abnormally high or growing Unemployment statistics are an indication of economic slowdown.Unemployment is a primary economic metric. Its performance is viewed as being correlated with consumer confidence, consumer spending, and industrial growth. Being a top 20 global power in terms of GDP, Australia depends heavily on its industrial and services sectors for output. Mining, food processing, steel, and chemical production play large roles in Australian industry.A high Unemployment reading is interpreted as bearish toward the AUD. Low or shrinking Unemployment fosters positive sentiment toward the AUD.
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